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Advantages of Buying A Family Floater Health Plan

The pandemic has made us realize the importance of our health and wellbeing. All of us are aware of what an illness can do, physically and financially, both. A health insurance policy is crucial for everyone and if you do not have one, it could drain your savings in case of an illness. A pandemic or not, it is important to invest in a policy that aligns with your needs. The increasing healthcare costs can put a dent in your wallet, which is why you need a health insurance policy that covers you and your family against the cost of medication and treatment in case of illness or hospitalization.​

There are two types of health insurance policies available in India- individual and family floater ​​health insurance plans​​​​. The individual policy, as the name suggests, covers only a single individual, whereas a family floater policy will cover the entire family under one plan. Hence, you do not need to buy multiple policies for different members of the family.

A family floater Mediclaim policy is one policy that covers all the members of the family. The sum assured is divided amongst all the members and it is a cost-effective way to get a cover for everyone with a single premium. Let us take a look at why health insurance plans for family work best for any family.

  1. Easy to manage - The biggest advantage of investing in a family floater plan is that it saves the hassle of managing multiple policies. You can cover the entire family with a single policy. You will not have to worry about renewing different policies time and again. You only have one renewal for every year.
  2. Affordable - The health insurance policy is a lot more cost-effective than buying an individual policy. It offers a large sum insured at a lower premium as compared to the individual health insurance plan. Buying separate individual policies for different members of the family can turn out to be costlier as compared to a family health insurance policy. If you are married with children, a family floater plan will turn out to be cost-effective in the long run.
  3. High sum insured - A family floater health plan covers a higher amount for the family and it will ensure that in case two people fall ill at the same time, there is no shortage of funds. Both members will enjoy the same coverage. It is one of the top benefits of the insurance plan.
  4. Tax benefits - Medical insurance for the family will give you a benefit of Rs 75,000 under Section 80D of the Income Tax Act. You can avail of a deduction of Rs 25,000 for self and Rs 50,000 for senior citizen parents.
  5. Health checkup - The policy will allow you to keep a tab on the health of all the family members. But it can turn out to be a costly affair if the entire family has to get a checkup. With the right policy, you get free medical check-ups at regular intervals and some policies also cover vaccination expenses, which can make a huge difference in this time.
  6. Hassle-free claims - You can settle claims of a floating health policy with ease and convenience. Settling different claims in separate individual plans can be time-consuming and stressful. With a family floater plan, you can complete the process for more than one individual in no time. You can check the claim settlement ratio of the company before buying a family health plan.

If you are married and your parents are your dependents, a family floater plan works best for your needs. It is easier to buy and renew with a convenient claim settlement process.